Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Shanghai REFIRE Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-refire-group" target="_blank" data-smartkarma-citation="entities:40952:1" rel="noopener">Shanghai REFIRE Group</a> (SRG) is looking to raise around US$100m in its upcoming Hong Kong IPO. The bookrunner for the deal is CICC.</li>
<li>SRG designs, develops, manufactures, and sells hydrogen fuel cell systems, hydrogen production systems, and related components, as well as provides fuel cell engineering and technical services.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), it ranked first in the hydrogen fuel cell system market in China, with a market share of 25.9%.</li>
</ul>



Shanghai REFIRE Group (SRG) is looking to raise around US$100m in its upcoming Hong Kong IPO. The bookrunner for the deal is CICC.
SRG designs, develops, manufactures, and sells hydrogen fuel cell systems, hydrogen production systems, and related components, as well as provides fuel cell engineering and technical services.
According to Frost &amp; Sullivan (F&amp;S), it ranked first in the hydrogen fuel cell system market in China, with a market share of 25.9%.


Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>LI/XPEV/NIO: Li, Xpeng and GAC AION announced new price actions（+/+/-）</li>
<li>ZLAB: Zai Lab’s revenue growth in 4Q23 is weak, and loss narrowing is limited （-）</li>
<li>1810 HK: Qualcomm exhibited a number of client-side LLM products at MWC Barcelona, covering mobile phones, PCs and communications（+）</li>
</ul>


LI/XPEV/NIO: Li, Xpeng and GAC AION announced new price actions（+/+/-）
ZLAB: Zai Lab’s revenue growth in 4Q23 is weak, and loss narrowing is limited （-）
1810 HK: Qualcomm exhibited a number of client-side LLM products at MWC Barcelona, covering mobile phones, PCs and communications（+）


[Blue Lotus Daily]:1211 HK/XPEV/ 1810 HK/LI/NIO/ZLAB/BGNE/MNSO

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We summarize the Feb 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Jan 2023 retail sales volume for each model, as Feb 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts remained largely flat MoM in Feb 2024, partially due to the Chinese New Year (CNY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the Feb 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Jan 2023 retail sales volume for each model, as Feb 2024 retail sales volume data have not been released yet.The industrywide average discounts remained largely flat MoM in Feb 2024, partially due to the Chinese New Year (CNY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Competition is stiffer than what discounts show

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.</li>
<li>In our previous note we have looked at the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>



Ola Electric is looking to raise about US$1bn in its upcoming India IPO.
Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
In our previous note we have looked at the company’s past performance. In this note, we will undertake a peer comparison.


Ola Electric Pre-IPO Peer Comparison - Increasing Competition, but It’s Still the Leader

<ul><li>11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales volumes on 1 Mar 2024.</li><li>Sales volume of the 11 automakers combined fell 19% YoY (ranging from -45% to +503%) and 39% MoM (ranging from -51% to -19%) in Feb 2024 due to the Chinese New Year holiday.</li><li>Li Auto rose YoY, Xpeng fell the most MoM. Li Auto’s deliveries rose 22% YoY and fell 35% MoM to about 20,000 units in Feb 2024, in line with our prior expectation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales volumes on 1 Mar 2024.Sales volume of the 11 automakers combined fell 19% YoY (ranging from -45% to +503%) and 39% MoM (ranging from -51% to -19%) in Feb 2024 due to the Chinese New Year holiday.Li Auto rose YoY, Xpeng fell the most MoM. Li Auto’s deliveries rose 22% YoY and fell 35% MoM to about 20,000 units in Feb 2024, in line with our prior expectation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Feb NEV Sales Fell; More New Models from Mar

China

FAW Jiefang Group Co., Ltd, through joint ventures, manufactures and markets cars and auto parts.  The Company produces automobiles, transmission systems, and engines.  FAW Car also provides auto repair and customizing services.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Chongqing Changan Automobile Company Limited develops, manufactures, and markets mini cars, mini sedans, full size sedans, and engines.

Chongqing Changan Automobile Company (200625 CH)

Anhui Jianghuai Automobile Co., Ltd. manufactures and markets bus and truck chassis, gear boxes, other auto parts, and business automobiles.

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

Dongfeng Motor Group Company Limited, through joint ventures, designs, manufactures, and markets diesel engines, light trucks, automobiles, castings, and related spare parts.

China Automotive Engineering Research Institute Company Limited develops, manufactures and sells automotive products, provides consulting, automotive testing and evaluation services. The Company's main products include dump trucks, concrete mixer trucks, and sanitation trucks.

China Automotive Engg Rsrch Inst (601965 CH)

Beiqi Foton Motor Co., Ltd. manufactures and markets automobiles and parts. The Company produces light trucks, medium trucks, heavy trucks, passenger cars, and engine parts. Beiqi Foton Motor also conducts automotive wholesale businesses domestically and internationally.

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Lifan Industry (Group) Company Limited develops, manufactures and sells motorcycles, cars and gasoline engines. The Company's major products include motorcycles, motorcycle engines, passenger cars, passenger car engines, gasoline engines and other terminal products such as generator sets, water pumps and lawn mowers.

MITSUBISHI MOTORS CORPORATION develops and manufactures passenger cars and its related parts.  The Company has production facilities in Japan, the US, and Thailand.  Mitsubishi Motors Corp provides vehicle-related financing and leasing service through its subsidiary.

Harley-Davidson, Inc. designs, manufactures, and sells motorcycles.  The Company's products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise.  Harley-Davidson also provides motorcycle floor planning and parts and accessories financing to its North American and European dealers.

Thor Industries, Inc. produces and sells a wide range of recreation vehicles.  The Company markets its products through independent dealers located throughout the United States and Canada.  Thor's products are sold under the Airstream Classic, Dutchmen, Skamper, Infinity, Four Winds, Citation, Signature, and other names.

Mazda Motor Corporation manufactures and sells automobiles, trucks, auto parts, and its accessories.  The Company operates its business worldwide.

Yadea Group is a leading electric two wheeler brand in China. The company produces electric bikes and scooters.

Tofas Turk Otomobil Fabrikasi AS manufactures cars and automobile parts under license from Fiat.  The Group also imports Alfa Romeo and Fiat cars for domestic market and provides financing services.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

Brilliance China Automotive Holdings Limited, through its subsidiaries, manufactures and distributes minibuses and sedans in the People's Republic of China.  The Company also manufactures and trades automotive components.

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (XPEV US)

Shanghai REFIRE Group Pre-IPO Tearsheet

Shanghai REFIRE Group (SRG) is looking to raise around US$100m in its upcoming Hong Kong IPO. The bookrunner for the deal is CICC.

Sumeet Singh

[Blue Lotus Daily]:1211 HK/XPEV/ 1810 HK/LI/NIO/ZLAB/BGNE/MNSO

Li, Xpeng, and GAC AION adjust prices; Zai Lab's revenue growth weakens; Qualcomm showcases new products at MWC Barcelona.

Blue Lotus Research Institute

Auto - Competition is stiffer than what discounts show

We summarize the Feb 2024 price discounts at dealers for major automakers in this report. Note that such discounts for each automaker are...

CMB International

Ola Electric Pre-IPO Peer Comparison - Increasing Competition, but It’s Still the Leader

Ola Electric is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Auto - Feb NEV Sales Fell; More New Models from Mar

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai REFIRE Group Pre-IPO Tearsheet

Shanghai REFIRE Group (SRG) is looking to raise around US$100m in its upcoming Hong Kong IPO. The bookrunner for the deal is CICC.

Sumeet Singh

[Blue Lotus Daily]:1211 HK/XPEV/ 1810 HK/LI/NIO/ZLAB/BGNE/MNSO

​Li, Xpeng, and GAC AION adjust prices; Zai Lab's revenue growth weakens; Qualcomm showcases new products at MWC Barcelona.

Blue Lotus Research Institute

Auto - Competition is stiffer than what discounts show

We summarize the Feb 2024 price discounts at dealers for major automakers in this report. Note that such discounts for each automaker are...

CMB International

Ola Electric Pre-IPO Peer Comparison - Increasing Competition, but It’s Still the Leader

Ola Electric is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Auto - Feb NEV Sales Fell; More New Models from Mar

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales...

CMB International

Li, Xpeng, and GAC AION adjust prices; Zai Lab's revenue growth weakens; Qualcomm showcases new products at MWC Barcelona.